Singapore firm links up with foundation in property deals

JAKARTA (JP): Straits Steamship Land Limited (SSL), one of Singapore's largest property companies, yesterday signed a joint venture agreement to establish a condominium, apartment and shopping complex in Pulo Mas, East Jakarta.

SSL holds 25 percent of the project's shares, Gemala Group and Ongko Group 24.5 percent each and Pulo Mas Jaya Foundation, which is owned by the Jakarta administration, the remaining 26 percent, SSL's Deputy Chairman Lim Chee Onn, told reporters after signing the agreement here.

Lim said that the project will be divided into two phases. The first phase will develop two blocks of eight-story condominiums, two blocks of four-story apartments, a Club House and a shopping center.

The second phase will include two blocks of eight-story apartments and two blocks of four-story apartments, he said.

The first phase is expected to be completed in mid-1996, and the second will be finished by mid-1997, he said.

Chairman of Gemala Group, Sofjan Wanandi, said 40 percent of the US$85 million project will be financed by the consortium and the other 60 percent by overseas loans.

The president of PT Pulomas Gemala Misori, a company assigned to manage the Pasadena Garden, W. Biantoro Wanandi, said the loans will be obtained through a syndication of two Singapore banks.

Lim said the Pasadena Garden is not SSL's first project in Indonesia. SSL has participated in the construction and ownership of the Melia Purosani Hotel in Yogyakarta, which is expected to begin operation this year

SSL is now also participating in the development of the Indonesian-Singaporean integrated golf course, hotel and resort villa projects on Bintan Island, Riau, which was inaugurated on Tuesday by Indonesian Coordinating Minister for Trade and Industry Hartanto and Singapore Deputy Prime Minister Lee Hsien Loong.

He said SSL will also cooperate with Gemala Group to develop a resort in Tanah Lot, Bali, next year.

SSL has invested US$400 million for its projects in Indonesia, excluding the Bali project, which will cost US$ 280 million. SSL and Gemala hold a 50 percent stake each in the Bali project. (02)